We analyze why some merger and acquisitions (M&A) deals are withdrawn paying particular attention to the economic freedom and legal environment of countries. We use a large dataset based on deals worldwide from over 140 countries during the period 1977 to 2014. Our core finding is that the...

This paper tests the contrarian investment strategy, which predicts that stocks that consistently underperform (outperform) the market would in subsequent periods outperform (underperform) those stocks that have previously outperformed (underperformed) the market, using a revised nonparameteric...